Daniele D'Alvia – författare

This is a much-needed work in the financial literature, and it is the first book ever to analyse the use of Special Purpose Acquisition Companies (SPACs) from a theoretical and practical perspective. By the end of 2020, more than 240 SPACs were listed in the US (on NASDAQ or the NYSE), raising a record $83 billion. The SPAC craze has been shaking the US for months, mainly because of its simplicity: a bunch of investors decides to buy shares at a fixed price in a company that initially has no assets. In this way, a SPAC, also known as a "blank check company", is created as an empty shell with lots of money to spend on a corporate shopping spree.

Could the trend be here to stay? Are SPACs the new legitimate path to traditional IPO? This book tackles those questions and more. The author provides a thorough analysis of SPACs including their legal framework and how they are used as a risk mitigation tool to structure transactions. The main objectives of the book are focused on finding a working definition for SPACs and theorising on their origins, definition, and evolution; identifying the objectives of financial regulation within the context of the recent financial crisis (2007–2010) and the one that is currently unfolding (Covid-19); and also describing practical examples of SPACs through a comparative study that, for the first time, outlines every major capital market on which SPACs are listed, in order to identify a possible international standard of regulation.

The book is relevant to academics as well as policymakers, international financial regulators, corporate finance lawyers as well as to the financial industry tout court.

This is a much-needed work in the financial literature, and it is the first book ever to analyse the use of Special Purpose Acquisition Companies (SPACs) from a theoretical and practical perspective. By the end of 2020, more than 240 SPACs were listed in the US (on NASDAQ or the NYSE), raising a record $83 billion. The SPAC craze has been shaking the US for months, mainly because of its simplicity: a bunch of investors decides to buy shares at a fixed price in a company that initially has no assets. In this way, a SPAC, also known as a "blank check company", is created as an empty shell with lots of money to spend on a corporate shopping spree.

Could the trend be here to stay? Are SPACs the new legitimate path to traditional IPO? This book tackles those questions and more. The author provides a thorough analysis of SPACs including their legal framework and how they are used as a risk mitigation tool to structure transactions. The main objectives of the book are focused on finding a working definition for SPACs and theorising on their origins, definition, and evolution; identifying the objectives of financial regulation within the context of the recent financial crisis (2007–2010) and the one that is currently unfolding (Covid-19); and also describing practical examples of SPACs through a comparative study that, for the first time, outlines every major capital market on which SPACs are listed, in order to identify a possible international standard of regulation.

The book is relevant to academics as well as policymakers, international financial regulators, corporate finance lawyers as well as to the financial industry tout court.

This is the first book written in English on special purpose acquisition companies (SPACs) in the context of European and Italian financial law, introducing the topic with a general overview on the European stage. It is also the first book on European financial regulations of SPACs. As such, it is a groundbreaking reference text for SPAC studies at the international level.

Alternative Acquisition Models and Financial Innovation: Special Purpose Acquisition Companies in Europe, and the Italian Legal Framework

Essentially, the edited collection explores soft law and self-regulation instances against the state-based Westphalian approaches centred on hard law instances; describes practical examples of SPACs in Italy and Europe; and analyses the limits and perspectives of such investment vehicles on the Italian capital market as well as their possible uses as forms of shadow banking and venture companies at international levels.

This is the first book written in English on special purpose acquisition companies (SPACs) in the context of European and Italian financial law, introducing the topic with a general overview on the European stage. It is also the first book on European financial regulations of SPACs. As such, it is a groundbreaking reference text for SPAC studies at the international level.

Alternative Acquisition Models and Financial Innovation: Special Purpose Acquisition Companies in Europe, and the Italian Legal Framework

Essentially, the edited collection explores soft law and self-regulation instances against the state-based Westphalian approaches centred on hard law instances; describes practical examples of SPACs in Italy and Europe; and analyses the limits and perspectives of such investment vehicles on the Italian capital market as well as their possible uses as forms of shadow banking and venture companies at international levels.

In recent times, comparative law has moved towards a new type of visualisation of the law, which is mainly based on indexes and indicators. Through these, legal scholars and practitioners measure legal systems against specific benchmarks; they no longer search for commonalities among legal systems but are interested in assessing how the law performs in economic terms. This book critically analyses this ‘quantitative turn’ in comparative law.

The work focuses on the role played by social indicators in general, and legal indicators in particular, in contemporary societies. It presents the evaluation of indicators as a pattern of governance as well as a driver promoting a change in the law from ‘outside’. The authors explore a range of issues, including how and why the quantitative turn in comparative law has taken place; how legal indicators are created and for which purposes; whether indicators really act as a new form of legitimisation and law-making and, if so, if it is possible to resist or challenge their power; whether it is fair and equitable to measure the performance of diversified national legal frameworks through such managerial tools of governance; and ultimately, how legal indicators change the way we conceive of the law. The book addresses these issues by focusing on legal indicators, whose global ambitions are often related to societal concerns. To this extent, it examines how both non-economic and economic global indicators might have some bearing on the law.

The volume will be of interest to advanced students, researchers, and academics in comparative law, global law, transnational law, constitutional law, and law and economics.

In recent times, comparative law has moved towards a new type of visualisation of the law, which is mainly based on indexes and indicators. Through these, legal scholars and practitioners measure legal systems against specific benchmarks; they no longer search for commonalities among legal systems but are interested in assessing how the law performs in economic terms. This book critically analyses this ‘quantitative turn’ in comparative law.

The work focuses on the role played by social indicators in general, and legal indicators in particular, in contemporary societies. It presents the evaluation of indicators as a pattern of governance as well as a driver promoting a change in the law from ‘outside’. The authors explore a range of issues, including how and why the quantitative turn in comparative law has taken place; how legal indicators are created and for which purposes; whether indicators really act as a new form of legitimisation and law-making and, if so, if it is possible to resist or challenge their power; whether it is fair and equitable to measure the performance of diversified national legal frameworks through such managerial tools of governance; and ultimately, how legal indicators change the way we conceive of the law. The book addresses these issues by focusing on legal indicators, whose global ambitions are often related to societal concerns. To this extent, it examines how both non-economic and economic global indicators might have some bearing on the law.

The volume will be of interest to advanced students, researchers, and academics in comparative law, global law, transnational law, constitutional law, and law and economics.

The book illustrates financial markets from the point of view of their subjectivity, namely by analysing one of the most prominent figures among market operators: the speculator. Whereas many textbooks or monographs are strictly devoted to the analysis of financial law or history, this book tells a remarkable story based on markets’ boom-bust, expectations, banks’ fragilities, market sentiment, desires, and dreams. In light of this, D’Alvia provides unique financial knowledge and delivers a book that constitutes an outstanding introduction to the topic of the speculator through its historical account and its evolution till modern days. Academics, lawyers, financial regulators, and retail and qualified investors should save a space for it on their shelves.